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Click here to access subscription content at The RTJ Bridge - The Premium Version of The RiskTech Journal 〰️

The RiskTech Journal

The RiskTech Journal is your premier source for insights on cutting-edge risk management technologies. We deliver expert analysis, industry trends, and practical solutions to help professionals stay ahead in an ever-changing risk landscape. Join us to explore the innovations shaping the future of risk management.

Citi's $81 Trillion Error Highlights Urgent Need for Stronger Integrated Risk Management
Financial Services, IRM, Operational Risk Management John A. Wheeler Financial Services, IRM, Operational Risk Management John A. Wheeler

Citi's $81 Trillion Error Highlights Urgent Need for Stronger Integrated Risk Management

The startling news that Citigroup mistakenly credited a client’s account with $81 trillion instead of a mere $280 underscores a critical weakness pervasive in today’s financial institutions: insufficiently robust integrated risk management (IRM) systems. This incident, termed a “near miss” by Citi, reveals deep-seated operational vulnerabilities that continue to plague banks, despite considerable investment and regulatory scrutiny.

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